You're greatly under estimating the situation.
Our current debt is $16.5 trillion
2012 GDP is $15.2 trillion.
So officially in Dec. 2012 we were at 110% debt to GDP.

This calculation underestimates debt to GDP. because the GDP. is greatly exaggerated because each year the fed adds trillions of dollars to GDP. with its trillion dollar bond buying schemes. As well the governments deficit spending adds greatly to GDP.

If you take away the Feds bank lending and bond buying and the Federal Governments deficit spending, GDP is actually substantially lower and the ratio of GDP to debt is a lot higher.

Of course this brief summary of debt to GDP doesn't even take interest and rising Soc. Sec. spending into consideration.

It also doesn't take into consideration the added 1 trillion in debt Obama just added to our 2013 deficit. We are also almost certainly staring at four more trillion-dollar deficits to match the last four

Iwog, I can only say that your analogy of $80k of debt to $80k if income is totally incorrect.

Let me guess, because they're scared to death of what the coming 20 trillion dollar debt collapse is going to do to our collective futures, you think smearing the opposition as "teabaggers" is productive.

Vicente, What you're really saying is that any opposition to the liberal Democrat party needs to be crushed.

Do you really think Obama and the Democrats really have a way out of this mess?

Do you really think a national debt collapse at 200x GDP. is avoidable?

Vicente I think you need to look harder at the national crisis than to just smear the opposition of the almighty Democrat party.

I read Mish articles a lot, and I don't think he is overly partisan.
He identifies as a Libertarian and In fact he is usually quite critical of Republicans.

Lately he has been slamming the Republicans for caving and waving the white flag by agreeing to so much new debt and spending that is demanded from the White house.

I don't know if you've noticed that we are currently over 16,000,000,000,000 in debt, not including the Federal Reserve debts and nobody especially the Democrats seems to have the guts to do anything about it.

At the rate we are on at the end of Obama's second term our country will conservatively be $20,000,000,000,000 in debt.

I don't see how this record gives the Democrat party the mantle of fiscal responsibility.
I also don't see how the Democrat party is going to escape the anger and blame when the debt crisis hits us.